ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Copay refers to when policyholders have to bear a fixed part of their expenses towards medical treatment while the rest is borne by the insurer. This can either be as a fixed amount or a fixed percentage of the treatment costs. For example, if your insurance policy comes with a copay clause of Rs.

Detailed explanation-2: -Deductible in health insurance is the amount you have to pay before the health insurance company begins paying up the claim amount. This means the insurer is bound to pay the claim amount after it exceeds the deductible amount.

Detailed explanation-3: -deductible. The amount you pay for covered health care services before your insurance plan starts to pay. With a $2, 000 deductible, for example, you pay the first $2, 000 of covered services yourself.

Detailed explanation-4: -A deductible is the set amount of money you pay out of pocket for covered services per plan year before your insurance plan starts to pay. A copay is also a set amount of money, but it’s the fixed fee attached to certain covered services.

Detailed explanation-5: -Co-pay in health insurance is a clause, wherein the insured agrees to bear a specific portion of the incurred medical expenses. It is usually a fixed percentage of the claim amount, which the policyholder pays at the time of a claim.